»
»
Farmington

Current Mortgage Rates in Farmington, New Mexico

Compare mortgage rates and fees for leading lenders in Farmington, NM. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Farmington.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Farmington. Plus, shopping lenders is free and there is no obligation.

%
Mortgage Rates in Farmington, NM as of September 22, 2019
  • Lender
  • APR
  • Loan Type
  • Rate
  • Payment
  • Fees
  • Contact

%
Get Personalized Mortgage Quotes for Farmington, NM

Input your information to receive personalized mortgage quotes from preferred lenders. Comparing proposals from multiple lenders is the best way to save money on your mortgage.

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.

How Do Today's Farmington, NM Mortgage Rates Compare?

September 22, 2019

The current average rate for a 30 year fixed rate mortgage in Farmington is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%

Mortgage Program
Today's
Farmington, NM Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.600%
15 Year Fixed Rate
B.BBB%
3.050%
5/1 Adjustable Rate Mortgage
C.CCC%
3.360%

How Affordable is Housing in Farmington, New Mexico?

The median home value for Farmington, NM (San Juan County) is $161,458

The median household income for Farmington, NM (San Juan County) is $51,205

Based on current mortgage rates and a 10% down payment, you need to make $29,956 per year to buy the median priced home in Farmington

The home price you can afford to buy based on household income in Farmington is 171% of the median home value which means housing prices are average

Farmington (San Juan County) ranks 16 out of 33 counties in New Mexico and 2,174 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Farmington, NM is average

orange-simple-house
ruler

Loan Limits for Farmington, New Mexico

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Farmington (San Juan County) below.

Conforming loan limits for Farmington, NM

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Farmington, NM

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for Farmington, NM

1 unit: $484,350

Additional Mortgage Resources for Farmington, NM Residents

Mortgage Rates for New Mexico Cities

Albuquerque Mortgage Rates

Belen Mortgage Rates

Bernalillo Mortgage Rates

Farmington Mortgage Rates

Las Cruces Mortgage Rates

Santa Fe Mortgage Rates

Sources

US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs

FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat

Income Growth: https://www.bls.gov

National Average Rates: http://www.freddiemac.com/pmms/

Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx

FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm

VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp

FREEandCLEAR Housing Affordability Index